6 unchanged sentences
Accounts receivable-trade
−Removed: Allowance for credit losses
+Added: Allowance for doubtful accounts
Retainages receivable
7 unchanged sentences
( 61,981,005 )
−Removed: Total fixed assets
−Removed: Right-of-use assets-operating leases
+Added: Total property and equipment, net
+Added: Right-of-use assets-operating lease
Intangible assets, net
2 unchanged sentences
Current maturities of long-term debt
−Removed: Current maturities of lines of credit and short-term borrowings
+Added: Lines of credit and short-term borrowings
Current maturities of operating lease liabilities
9 unchanged sentences
Common stock, $ .0001 par value
−Removed: Authorized 50,000,000 shares, 18,659,679 shares issued (net of treasury shares) and 18,622,287 shares outstanding (excluding 37,392 shares from unvested stock awards) at March 31, 2026 and 16,748,702 shares issued (net of treasury shares) and 16,715,026 shares outstanding (excluding 33,676 unvested shares from restricted stock awards) at September 30, 2025
−Removed: Treasury stock, 1,502,236 shares at March 31, 2026 and 1,396,120 shares at September 30, 2025
+Added: Authorized 50,000,000 shares, 18,659,181 shares issued (net of treasury shares) and 18,624,017 shares outstanding (excluding 35,164 shares from unvested stock awards) at June 30, 2026 and 16,748,702 shares issued (net of treasury shares) and 16,715,026 shares outstanding (excluding 33,676 unvested shares from restricted stock awards) at September 30, 2025
+Added: Treasury stock, 1,502,236 shares at June 30, 2026 and 1,396,120 shares at September 30, 2025
Additional paid in capital
−Removed: Retained deficit
−Removed: ( 1,352,656 )
+Added: Retained earnings (deficit)
( 3,216,291 )
6 unchanged sentences
Three Months Ended
−Removed: Six Months Ended
−Removed: Six Months Ended
+Added: Nine Months Ended
+Added: Nine Months Ended
Cost of revenue
2 unchanged sentences
( 3,278,213 )
−Removed: ( 6,446,266 )
−Removed: Other (expense) income
Other nonoperating expense
7 unchanged sentences
( 5,475,774 )
−Removed: ( 7,695,390 )
Income tax expense (benefit)
( 1,612,718 )
−Removed: ( 1,750,705 )
−Removed: Net income (loss)
−Removed: ( 6,798,418 )
+Added: Net (loss) income
( 3,863,056 )
6 unchanged sentences
Consolidated Statements of Cash Flows
−Removed: Six Months Ended
−Removed: Six Months Ended
+Added: Nine Months Ended
+Added: Nine Months Ended
Cash flows from operating activities:
12 unchanged sentences
Decrease in accounts receivable-trade
−Removed: (Increase) decrease in retainage receivable
+Added: Increase in retainage receivable
( 2,856,738 )
+Added: ( 1,808,157 )
(Increase) decrease in other receivables
−Removed: Decrease in contract assets
−Removed: Increase in prepaid expenses and other
+Added: Increase in contract assets
( 9,446,127 )
+Added: Increase in prepaid expenses and other
( 1,118,045 )
1 unchanged sentence
( 2,797,474 )
−Removed: ( 4,561,534 )
−Removed: Decrease in accrued expenses and other current liabilities
+Added: Increase (decrease) in accrued expenses and other current liabilities
+Added: (Decrease) increase in contract liabilities
( 1,152,259 )
−Removed: Increase in contract liabilities
Net cash provided by operating activities
15 unchanged sentences
Cash dividend on common stock
+Added: ( 1,057,394 )
+Added: ( 1,002,668 )
Proceeds from capital raise, net of discounts and fees
4 unchanged sentences
( 9,979,474 )
−Removed: Decrease in cash and cash equivalents
−Removed: ( 2,130,959 )
−Removed: ( 2,999,803 )
+Added: Increase in cash and cash equivalents
Cash and cash equivalents beginning of period
10 unchanged sentences
Consolidated Statements of Changes in Shareholders’ Equity
−Removed: For the three and six months ended March 31, 2026 and 2025
+Added: For the three and nine months ended June 30, 2026 and 2025
Additional Paid
Shareholders’
+Added: Earnings (Deficit)
Balance at September 30, 2025
15 unchanged sentences
( 1,352,656 )
+Added: Shares repurchased as part of net settlement of restricted stock awards
+Added: Vested share compensation expense
+Added: Dividends on common stock ($ 0.04 per share on 18,624,017 shares)
+Added: Balance at June 30, 2026
Additional Paid
12 unchanged sentences
( 8,537,787 )
+Added: Dividends on common stock ($ 0.03 per share on 16,718,515 shares)
+Added: Vested restricted stock award
+Added: Treasury stock purchased by company
+Added: Balance at June 30, 2025
+Added: ( 6,957,713 )
The Accompanying Notes are an Integral Part of These Consolidated Financial Statements
13 unchanged sentences
water and wastewater pipelines, natural gas distribution pipelines, natural gas transmission pipelines, natural gas stations and ancillary facilities, corrosion protection services, and horizontal drilling services.
−Removed: Industrial Constructions primarily includes new construction and maintenance work in the following areas:
+Added: Industrial Construction primarily includes new construction and maintenance work in the following areas:
electrical, mechanical, HVAC/R, controls, and fire protection services in automotive, chemical, power, and manufacturing facilities.
8 unchanged sentences
The financial statements reflect all adjustments (consisting primarily of normal recurring adjustments) that are, in the opinion of management, necessary for a fair presentation of the Company’s financial position and results of operations.
−Removed: The operating results for the three and six months ended March 31, 2026 and 2025 are not necessarily indicative of the results to be expected for the full year or any other interim period.
+Added: The operating results for the three and nine months ended June 30, 2026 and 2025 are not necessarily indicative of the results to be expected for the full year or any other interim period.
Principles of Consolidation
10 unchanged sentences
Please refer to Note 2 “ Summary of Significant Accounting Policies ” of the consolidated financial statements in our Annual Report on Form 10-K for the year ended September 30, 2025, for a more detailed discussion of our significant accounting policies.
−Removed: There were no material changes to these significant accounting policies during the six months ended March 31, 2026.
+Added: There were no material changes to these significant accounting policies during the nine months ended June 30, 2026.
ACCOUNTING FOR PAYCHECK PROTECTION PROGRAM LOANS
16 unchanged sentences
The requested information was subsequently provided to the SBA through the Lender.
−Removed: As of March 31, 2026, there have been no further requests or communications from the SBA relating to the PPP Loans.
+Added: As of June 30, 2026, there have been no further requests or communications from the SBA relating to the PPP Loans.
Borrowers must retain PPP documentation for at least six years after the date the loan is forgiven or paid in full, and the SBA and SBA Inspector General must be granted these files upon request.
33 unchanged sentences
When events or conditions indicate that it is probable that the amounts outstanding become unbillable, the transaction price and associated contract asset is reduced.
−Removed: Our contract liabilities consist of provisions for losses and billings in excess of costs and estimated earnings.
−Removed: Provisions for losses, if incurred, are recognized in the consolidated statements of income at the uncompleted performance obligation level for the amount of total estimated losses in the period that evidence indicates that the estimated total cost of a performance obligation exceeds its estimated total revenue.
−Removed: Billings in excess of costs and estimated earnings are billings to customers on contracts in advance of work performed, including advance payments negotiated as a contract condition.
−Removed: Generally, unearned project-related costs will be earned over the next twelve months.
+Added: Our contract liabilities consist of billings in excess of costs and estimated earnings.
+Added: Billings in excess of costs and estimated earnings represent amounts billed to customers in advance of the Company’s performance, including advance payments negotiated as a contract condition.
+Added: These amounts are generally recognized as revenue over the next twelve months as the related performance obligations are satisfied.
+Added: Provisions for expected losses are recognized in the consolidated statements of income at the individual performance obligation level in the period in which management determines that the estimated total costs to satisfy a performance obligation will exceed the estimated total revenue expected to be realized from that performance obligation.
SEGMENT INFORMATION
5 unchanged sentences
water and wastewater pipelines, natural gas distribution pipelines, natural gas transmission pipelines, natural gas stations and ancillary facilities, corrosion protection services, and horizontal drilling services.
−Removed: Industrial Constructions primarily includes new construction and maintenance work in the following areas:
+Added: Industrial Construction primarily includes new construction and maintenance work in the following areas:
electrical, mechanical, HVAC/R, controls, and fire protection services in automotive, chemical, power, and manufacturing facilities.
12 unchanged sentences
Corporate and non-allocated costs include non-allocated corporate salaries, benefits and incentive compensation, acquisition and integration costs, non-cash stock-based compensation, investor relation expenses, and accounting review and audit fees.
−Removed: The following tables show interim segment financial information for the three and six months ended and at March 31, 2026:
+Added: The following tables show interim segment financial information for the three and nine months ended and at June 30, 2026:
Infrastructure
−Removed: Three Months Ended March 31, 2026
+Added: Three Months Ended June 30, 2026
Segment direct operating expenses (excluding depreciation)
7 unchanged sentences
Segment income from operations
−Removed: ( 1,022,637 )
Segment operating margin percentage
3 unchanged sentences
Infrastructure
−Removed: Six Months Ended March 31, 2026
+Added: Nine Months Ended June 30, 2026
Segment direct operating expenses (excluding depreciation)
11 unchanged sentences
Total consolidated income from operations
−Removed: At March 31, 2026
+Added: At June 30, 2026
Infrastructure
Property, plant and equipment, at cost, less accumulated depreciation
−Removed: The following tables show interim segment financial information for the three and six months ended and at March 31, 2025:
+Added: The following tables show interim segment financial information for the three and nine months ended and at June 30, 2025:
Infrastructure
−Removed: Three Months Ended March 31, 2025
+Added: Three Months Ended June 30, 2025
Segment direct operating expenses (excluding depreciation)
Direct depreciation expense
−Removed: Segment gross (loss) profit
−Removed: ( 4,226,939 )
+Added: Segment gross profit
Segment gross profit percentage
3 unchanged sentences
Segment indirect operating expenses
−Removed: Segment (loss) income from operations
−Removed: ( 9,148,451 )
−Removed: ( 6,705,180 )
+Added: Segment income from operations
Segment operating margin percentage
1 unchanged sentence
Corporate depreciation expense
−Removed: Total consolidated (loss) income from operations
−Removed: ( 8,092,227 )
+Added: Total consolidated income from operations
Infrastructure
−Removed: Six Months Ended March 31, 2025
+Added: Nine Months Ended June 30, 2025
Segment direct operating expenses (excluding depreciation)
8 unchanged sentences
( 6,711,940 )
−Removed: ( 3,173,546 )
Segment operating margin percentage
1 unchanged sentence
Corporate depreciation expense
−Removed: Total consolidated (loss) income from operations
+Added: Total loss from operations
( 3,278,213 )
−Removed: At March 31, 2025
+Added: At June 30, 2025
Infrastructure
5 unchanged sentences
Lump Sum, Unit Price, Cost Plus and T&M.
−Removed: The following tables present our disaggregated revenue for the three and six months ended March 31, 2026 and 2025:
−Removed: Three Months Ended March 31, 2026
+Added: The following tables present our disaggregated revenue for the three and nine months ended June 30, 2026 and 2025:
+Added: Three Months Ended June 30, 2026
Gas & Petroleum
9 unchanged sentences
Total revenue from contracts
−Removed: Six Months Ended March 31, 2026
+Added: Nine Months Ended June 30, 2026
Gas & Petroleum
9 unchanged sentences
Total revenue from contracts
−Removed: Three Months Ended March 31, 2025
+Added: Three Months Ended June 30, 2025
Gas & Petroleum
9 unchanged sentences
Total revenue from contracts
−Removed: Six Months Ended March 31, 2025
+Added: Nine Months Ended June 30, 2025
Gas & Petroleum
9 unchanged sentences
Total revenue from contracts
−Removed: The Company’s disaggregated revenue does vary slightly from the Company’s segment reporting due to combining the Industrial and Building Construction into Electrical, Mechanical, & and General, and one legal entity in the Underground Infrastructure Construction segment that performs services other than underground construction that are included in Electrical, Mechanical, & General.
+Added: The Company’s disaggregated revenue does vary slightly from the Company’s segment reporting due to combining the Industrial and Building Construction into Electrical, Mechanical, & General, and one legal entity in the Underground Infrastructure Construction segment that performs services other than underground construction that are included in Electrical, Mechanical, & General.
The volume of these services is not material to the Company’s segment reporting.
6 unchanged sentences
The timing of billings to customers may generate contract assets or contract liabilities.
−Removed: During the three and six months ended March 31, 2026, we recognized revenue of $ 11.2 million and $ 25.9 million, respectively, that was included in the contract liability balance at September 30, 2025.
+Added: During the three and nine months ended June 30, 2026, we recognized revenue of $ 1.8 million and $ 27.7 million, respectively, that was included in the contract liability balance at September 30, 2025.
Accounts receivable-trade, net of allowance for credit losses, contract assets and contract liabilities consisted of the following:
−Removed: March 31, 2026
+Added: June 30, 2026
September 30, 2025
3 unchanged sentences
Cost and estimated earnings in excess of billings
−Removed: ( 7,681,297 )
Contract liabilities
Billings in excess of cost and estimated earnings
+Added: ( 1,152,259 )
PERFORMANCE OBLIGATIONS
−Removed: For the three and six months ended March 31, 2026, there was no significant revenue recognized as a result of changes in contract transaction price related to performance obligations that were satisfied prior to September 30, 2025.
+Added: For the three and nine months ended June 30, 2026, there was no significant revenue recognized as a result of changes in contract transaction price related to performance obligations that were satisfied prior to September 30, 2025.
Changes in contract transaction price can result from items such as executed or estimated change orders, and unresolved contract modifications and claims.
−Removed: At March 31, 2026, the Company had $ 256.6 million in remaining unsatisfied performance obligations, in which revenue is expected to be recognized over the next twelve months.
+Added: At June 30, 2026, the Company had approximately $ 216.6 million of transaction price allocated to remaining performance obligations associated with specifically identified projects under contract.
+Added: Management expects approximately $ 200.0 million of this amount to be recognized as revenue over the next twelve months , with the remainder expected to be recognized thereafter.
+Added: The amount disclosed above excludes approximately $ 70.0 million of estimated recurring maintenance and blanket contract work expected to be performed over the next twelve months, including qualifying arrangements for which the Company recognizes revenue using the right to invoice practical expedient.
+Added: These amounts are included in the Company’s backlog but are excluded from the disclosure of remaining performance obligations when the applicable practical expedient or other ASC 606 exclusion applies.
UNCOMPLETED CONTRACTS
−Removed: Costs, estimated earnings, and billings on uncompleted contracts as of March 31, 2026 and September 30, 2025, are summarized as follows:
−Removed: March 31, 2026
+Added: Costs, estimated earnings, and billings on uncompleted contracts as of June 30, 2026 and September 30, 2025, are summarized as follows:
+Added: June 30, 2026
September 30, 2025
2 unchanged sentences
Less billings to date
−Removed: ( 2,700,567 )
Costs and estimated earnings in excess of billed on uncompleted contracts
Less billings in excess of costs and estimated earnings on uncompleted contracts
−Removed: ( 2,700,567 )
−Removed: The Company’s unaudited backlog at March 31, 2026 and September 30, 2025 was $ 325.1 million and $ 259.7 million, respectively.
+Added: The Company’s unaudited backlog at June 30, 2026 and September 30, 2025 was $ 286.6 million and $ 259.7 million, respectively.
FAIR VALUE MEASUREMENTS
12 unchanged sentences
The fair value of the Company’s long term fixed-rate debt was estimated using a discounted cash flow analysis and a yield rate that was estimated based on the borrowing rates currently available to the Company for bank loans with similar terms and maturities.
−Removed: The fair value of the aggregate principal amount of the Company’s fixed-rate debt of $ 31.4 million at March 31, 2026 was $ 31.1 million.
+Added: The fair value of the aggregate principal amount of the Company’s fixed-rate debt of $ 29.3 million at June 30, 2026 was $ 28.9 million.
The fair value of the aggregate principal amount of the Company’s fixed-rate debt of $ 43.8 million at September 30, 2025 was $ 42.8 million.
1 unchanged sentence
EARNINGS PER SHARE
−Removed: The amounts used to compute the earnings per share for the three and six months ended March 31, 2026 and 2025 are summarized below.
+Added: The amounts used to compute the earnings per share for the three and nine months ended June 30, 2026 and 2025 are summarized below.
Three Months Ended
Three Months Ended
−Removed: Six Months Ended
−Removed: Six Months Ended
−Removed: March 31, 2026
−Removed: March 31, 2025
−Removed: March 31, 2026
−Removed: March 31, 2025
+Added: Nine Months Ended
+Added: Nine Months Ended
+Added: June 30, 2026
+Added: June 30, 2025
+Added: June 30, 2026
+Added: June 30, 2025
Net income (loss)
( 3,863,056 )
−Removed: ( 5,944,685 )
Weighted average shares outstanding-basic
−Removed: Weighted average shares outstanding-diluted
+Added: Weighted average shares-diluted
Earnings (loss) per share available to common shareholders
2 unchanged sentences
Three Months Ended
−Removed: Six Months Ended
−Removed: March 31, 2026
−Removed: March 31, 2025
−Removed: March 31, 2026
−Removed: March 31, 2025
−Removed: ( 1,687,935 )
−Removed: ( 1,392,961 )
−Removed: ( 1,687,935 )
+Added: Nine Months Ended
+Added: June 30, 2026
+Added: June 30, 2025
+Added: June 30, 2026
+Added: June 30, 2025
( 1,303,205 )
−Removed: Total income tax expense
( 1,303,205 )
+Added: Total income tax expense (benefit)
( 1,612,718 )
2 unchanged sentences
The Company’s provision for income taxes is computed by applying a federal rate of 21.0 % and a blended state rate of approximately 5.0 % to 6.0 % to taxable income or loss after consideration of non-taxable and non-deductible items.
−Removed: The effective income tax rate for the three months ended March 31, 2026 was 47.7 %, as compared to 24.5 %, for the same period in 2025.
−Removed: The effective income tax rate for the six months ended March 31, 2026 was 31.3 %, as compared to 22.8 %, for the same period in 2025.
+Added: The effective income tax rate for the three months ended June 30, 2026 was 18.5 %, as compared to 6.2 %, for the same period in 2025.
+Added: The effective income tax rate for the nine months ended June 30, 2026 was 25.1 %, as compared to 29.5 %, for the same period in 2025.
Effective income tax rates are estimates and may vary from period to period due to changes in the amount of taxable income and non-deductible expenses.
1 unchanged sentence
The income tax effects of temporary differences giving rise to the deferred tax assets and liabilities are as follows:
−Removed: March 31, 2026
+Added: June 30, 2026
September 30, 2025
11 unchanged sentences
A valuation allowance is established when necessary to reduce deferred tax assets to the amount expected to be realized.
−Removed: The Company had $ 6.1 million and $ 6.9 million of federal net operating loss carryforwards at March 31, 2026 and September 30, 2025, respectively.
−Removed: The Company had $ 35.1 million and $ 41.9 million of state net operating loss carryforwards at March 31, 2026 and September 30, 2025, respectively.
+Added: The Company had $ 688,000 and $ 6.9 million of federal net operating loss carryforwards at June 30, 2026 and September 30, 2025, respectively.
+Added: The Company had $ 31.9 million and $ 41.9 million of state net operating loss carryforwards at June 30, 2026 and September 30, 2025, respectively.
The state net operating loss carryforwards begin to expire in 2026.
3 unchanged sentences
SHORT-TERM AND LONG-TERM DEBT
−Removed: Operating Line of Credit
−Removed: In July 2025, the Company renewed its $ 30.0 million line of credit with a maturity date of June 28, 2027.
−Removed: The interest rate on the line of credit is the “ Wall Street Journal ” Prime Rate (the index) with a floor of 4.99 %.
−Removed: The line of credit is limited to a borrowing base calculation as summarized below:
−Removed: March 31, 2026
+Added: Revolving Credit Facility
+Added: Effective June 28, 2026, the Company renewed its $ 30.0 million revolving line of credit with United Bank, which matures on June 28, 2028.
+Added: Borrowings under the revolving line of credit bear interest at the one – month Term SOFR plus the applicable margin, as defined in the credit agreement.
+Added: Availability under the revolving line of credit is subject to a borrowing base calculation, as summarized below:
+Added: June 30, 2026
September 30, 2025
3 unchanged sentences
Interest rate
−Removed: The Company did no t have any line of credit borrowings at March 31, 2026.
−Removed: The Company’s $ 24.8 million line of credit borrowings are recorded as a long-term debt as of September 30, 2025.
−Removed: The financial covenants required by the Company’s lender are below:
−Removed: ● Minimum tangible net worth of $ 28.0 million,
−Removed: ● Minimum traditional debt service coverage of 1.50x on a rolling twelve- month basis,
−Removed: ● Minimum current ratio of 1.20x ,
−Removed: ● Maximum debt to tangible net worth ratio (“TNW”) of 2.75x ,
−Removed: ● Each ratio and covenant shall be determined, tested, and measured as of each calendar quarter beginning June 30, 2023,
−Removed: ● The Company shall maintain a ratio of Maximum Senior Funded Debt (“SFD”) to Earnings before Interest, Taxes, Depreciation and Amortization (“EBDITA”) equal to or less than 3.5 :1.
−Removed: SFD shall mean any funded debt or lease of the Company, other than subordinated debt.
−Removed: The covenant shall be tested quarterly, at the end of each fiscal quarter, with EBITDA based on the preceding four quarters.
−Removed: The Company’s lender has agreed to omit the effect of the PPP loan restatement from the Company’s covenant compliance calculations while a final decision on PPP loan forgiveness remains in question.
−Removed: The Company was in compliance with all covenants at March 31, 2026.
−Removed: The Company is projected to meet all covenant requirements for the next twelve months.
+Added: The Company’s outstanding borrowings under the revolving line of credit of $ 12.3 million and $ 24.8 million at June 30, 2026 and September 30, 2025, respectively, are classified as long-term debt based on the June 28, 2028 contractual maturity date.
+Added: The credit agreement contains financial covenants requiring the Company to maintain a minimum Fixed Charge Coverage Ratio of 1.25 to 1.00 and a maximum Senior Funded Debt to EBITDA ratio of 2.75 to 1.00.
+Added: These financial covenants are tested quarterly in accordance with the terms of the credit agreement.
+Added: The lender has agreed to exclude the effects of the Company’s PPP loan accounting restatement from covenant compliance calculations while the final determination regarding PPP loan forgiveness remains pending.
+Added: The Company was in compliance with all financial covenants as of June 30, 2026 and expects to remain in compliance with its financial covenants for at least the next twelve months.
Paycheck Protection Program Loans
16 unchanged sentences
The requested information was subsequently provided to the SBA through the Lender.
−Removed: As of March 31, 2026, there have been no further requests or communications from the SBA relating to the PPP Loans.
+Added: As of June 30, 2026, there have been no further requests or communications from the SBA relating to the PPP Loans.
Borrowers must retain PPP documentation for at least six years after the date the loan is forgiven or paid in full, and the SBA and SBA Inspector General must be granted these files upon request.
−Removed: The SBA could revisit its forgiveness decision and determine that the Company does not qualify in whole or in part for loan forgiveness and demand repayment of the loans.
+Added: The SBA could revisit its forgiveness decision and determine that the Company does not qualify as a whole or in part for loan forgiveness and demand repayment of the loans.
In addition, it is unknown what type of penalties could be assessed against the Company if the SBA disagrees with the Company’s certification.
Any penalties in addition to the potential repayment of the PPP Loans could negatively impact the Company’s business, financial condition and results of operations and prospects.
−Removed: A summary of short-term and long-term debt as of March 31, 2026 and September 30, 2025 is as follows:
−Removed: March 31, 2026
+Added: A summary of short-term and long-term debt as of June 30, 2026 and September 30, 2025 is as follows:
+Added: June 30, 2026
September 30, 2025
4 unchanged sentences
Term note payable to United Bank, WV Pipeline acquisition, due in monthly installments of $ 64,853 , including fixed interest at 4.25 %, final payment due by March 25, 2026, secured by receivables and equipment, guaranteed by certain directors of the Company.
−Removed: Notes payable to finance companies, due in monthly installments totaling $ 281,000 at March 31, 2026 and $ 244,000 at September 30, 2025, including interest ranging from 0.00 % to 6.0 %, final payments due April 2026 through February 2030, secured by equipment.
+Added: Notes payable to finance companies, due in monthly installments totaling $ 350,000 at June 30, 2026 and $ 244,000 at September 30, 2025, including interest ranging from 0.00 % to 6.0 %, final payments due July 2026 through February 2030, secured by equipment.
Notes payable to United Bank, Tribute acquisition finance, due in monthly installments totaling $ 272,016 , including fixed interest at 6.9 % , final payment due December 2030 secured by receivables and equipment, guaranteed by certain directors of the Company.
19 unchanged sentences
As allowed under ASC 805-10-50-2, the Company finds this information impracticable to provide for the periods presented due to the lack of availability of meaningful financial statements of the acquired companies that comply with U.S.
−Removed: The Tribute LLC acquisition purchase price is allocated in the table below:
−Removed: Considerations
−Removed: Common stock issued
−Removed: Total consideration
−Removed: Assets acquired
−Removed: Property and equipment
−Removed: Accounts Receivable and Retainages acquired from seller
−Removed: Contract assets acquired from seller
−Removed: Receivable for cash due to buyer
−Removed: Intangible assets
−Removed: Total assets acquired
−Removed: Liabilities assumed
−Removed: Accounts payable assumed
−Removed: ( 3,476,871 )
−Removed: Long-term debt assumed
−Removed: ( 3,789,962 )
−Removed: Contract liabilities assumed
−Removed: Total liabilities assumed
−Removed: ( 7,947,846 )
−Removed: Net assets acquired
−Removed: Goodwill recognized
On September 30, 2025, the Company completed the acquisition of substantially all the physical assets of Rigney Digital Systems Ltd.
2 unchanged sentences
As allowed under ASC 805-10-50-2, the Company finds this information impracticable to provide for the periods presented due to the lack of availability of meaningful financial statements of the acquired companies that comply with U.S.
−Removed: The Rigney Digital acquisition purchase price is allocated in the table below:
−Removed: Considerations
−Removed: Common stock issued
−Removed: Sellers’ note
−Removed: Total consideration
−Removed: Assets acquired
−Removed: Property and equipment
−Removed: Accounts Receivable acquired from seller
−Removed: Intangible assets
−Removed: Total assets acquired
−Removed: Liabilities assumed
−Removed: Long-term debt assumed
−Removed: Total liabilities assumed
−Removed: Net assets acquired
−Removed: Goodwill recognized
GOODWILL AND INTANGIBLE ASSETS
2 unchanged sentences
If a company fails this test or decides to bypass this step, it must proceed with a quantitative assessment of goodwill impairment.
−Removed: The Company did no t have a goodwill impairment at March 31, 2026 or September 30, 2025.
−Removed: A table of the Company’s goodwill as of March 31, 2026 and September 30, 2025 is below:
−Removed: March 31, 2026
+Added: The Company did no t have a goodwill impairment at June 30, 2026 or September 30, 2025.
+Added: A table of the Company’s goodwill as of June 30, 2026 and September 30, 2025 is below:
+Added: June 30, 2026
September 30, 2025
1 unchanged sentence
Ending balance
−Removed: A table of the Company’s intangible assets subject to amortization at March 31, 2026 and September 30, 2025 is below:
+Added: A table of the Company’s intangible assets subject to amortization at June 30, 2026 and September 30, 2025 is below:
Remaining Life
11 unchanged sentences
September 30,
−Removed: Ended March 31,
−Removed: Ended March 31,
−Removed: Ended March 31,
−Removed: Ended March 31,
+Added: Ended June 30,
+Added: Ended June 30,
+Added: Ended June 30,
+Added: Ended June 30,
at September 30,
13 unchanged sentences
Amortization expense associated with the identifiable intangible assets is expected to be as follows:
−Removed: April 2026 to March 2027
−Removed: April 2027 to March 2028
−Removed: April 2028 to March 2029
−Removed: April 2029 to March 2030
−Removed: April 2030 to March 2031
+Added: July 2026 to June 2027
+Added: July 2027 to June 2028
+Added: July 2028 to June 2029
+Added: July 2029 to June 2030
+Added: July 2030 to June 2031
The weighted-average amortization period by major intangible asset class and in total are as follows:
6 unchanged sentences
The lease, originally executed on March 25, 2021, has a two-year base term with five one-year renewal options available following expiration of the base term.
−Removed: As of March 31, 2026, the Company has committed to a one-year renewal period and is evaluating the exercise of additional renewal options.
+Added: As of June 30, 2026, the Company has committed to a one-year renewal period and is evaluating the exercise of additional renewal options.
The Company has two right-of-use operating leases acquired on April 29, 2022, as part of the Tri-State Paving, LLC acquisition.
−Removed: The first lease, for the Hurricane, West Virginia facility, had a net present value of $ 236,000 at inception and a carrying value of $ 0 at March 31, 2026.
+Added: The first lease, for the Hurricane, West Virginia facility, had a net present value of $ 236,000 at inception and a carrying value of $ 0 at June 30, 2026.
The lease bears interest at 4.5 %, based on the Company’s incremental borrowing rate at inception.
The Company executed an amendment to extend the lease for one additional year following the expiration of the original term.
−Removed: As of March 31, 2026, the Company has committed to one renewal period and is evaluating additional renewals.
+Added: As of June 30, 2026, the Company has committed to one renewal period and is evaluating additional renewals.
The second lease, for the Chattanooga, Tennessee facility, had a net present value of $ 144,000 at inception and expired on August 31, 2024.
−Removed: The lease was renewed for a two - year term with a net present value of $ 140,000 and had a carrying value of $ 17,000 at March 31, 2026.
+Added: The lease was renewed for a two - year term with a net present value of $ 140,000 and had a carrying value of $ 11,000 at June 30, 2026.
The lease bears interest at 8.5 %, based on the Company’s incremental borrowing rate at inception.
−Removed: The Company has a right-of-use operating lease with Enterprise Fleet Management, acquired on August 11, 2022, as part of the Ryan Environmental acquisition.
−Removed: The master lease initially covered 31 vehicles with a net present value of $ 1.2 million.
−Removed: The Company subsequently added 58 additional vehicles under the arrangement.
−Removed: The lease had a carrying value of $ 1.8 million at March 31, 2026.
+Added: The Company has a right-of-use operating lease with Enterprise Fleet Management.
+Added: The master lease covered 102 vehicles and had a carrying value of $ 2.2 million at June 30, 2026.
Each vehicle under the master lease arrangement carries its own implicit rate.
−Removed: The Company has a right-of-use operating lease acquired on March 28, 2023 for the Winchester, Kentucky facility.
−Removed: The lease had a net present value of $ 290,000 at inception and a carrying value of $ 0 at March 31, 2026.
+Added: The Company has a five - year right-of-use operating lease renewed in April 2026 for the Winchester, Kentucky facility.
+Added: The lease had a net present value of $ 481,000 at inception and a carrying value of $ 461,000 at June 30, 2026.
The lease bears interest at 6.75 %, based on the Company’s incremental borrowing rate at inception.
−Removed: The lease was renewed for a three-year term in April 2026.
+Added: The lease was renewed for a three-year term and has two one – year renewal options that the Company expects to exercise.
The Company has a right-of-use operating lease acquired on December 1, 2025 for the Columbus, Ohio facility.
−Removed: The lease had a net present value of $ 255,000 at inception and a carrying value of $ 236,000 at March 31, 2026.
+Added: The lease had a net present value of $ 255,000 at inception and a carrying value of $ 212,000 at June 30, 2026.
The lease bears interest at 6.75 %, based on the Company’s incremental borrowing rate at inception.
The Company has a right-of-use operating lease acquired on January 1, 2026 for the Oklahoma City, Oklahoma facility.
−Removed: The lease had a net present value of $ 208,000 at inception and a carrying value of $ 186,000 at March 31, 2026.
+Added: The lease had a net present value of $ 208,000 at inception and a carrying value of $ 177,000 at June 30, 2026.
The lease bears interest at 6.75 %, based on the Company’s incremental borrowing rate at inception.
−Removed: The Company also has a right-of-use operating lease acquired on January 1, 2026 for the Louisville, Kentucky facility.
−Removed: The lease had a net present value of $ 128,000 at inception and a carrying value of $ 128,000 at March 31, 2026.
+Added: The Company has a right-of-use operating lease acquired on January 1, 2026 for the Louisville, Kentucky facility.
+Added: The lease had a net present value of $ 128,000 at inception and a carrying value of $ 118,000 at June 30, 2026.
The lease bears interest at 6.75 %, based on the Company’s incremental borrowing rate at inception.
−Removed: Lease payments do not commence until April 1, 2026.
−Removed: Schedules related to the Company’s operating leases for the three and six months ended March 31, 2026 and 2025 and at March 31, 2026 can be found below:
+Added: Lease payments did not commence until April 1, 2026.
+Added: The Company has a right-of-use operating lease acquired on May 1, 2026 for a facility in Buena Vista, Virginia.
+Added: The lease had a net present value of $ 224,000 at inception and a carrying value of $ 206,000 at June 30, 2026.
+Added: The lease bears interest at 6.75 %, based on the Company’s incremental borrowing rate at inception.
+Added: Schedules related to the Company’s operating leases for the three and nine months ended June 30, 2026 and 2025 and at June 30, 2026 can be found below:
Operating Lease-Weighted Average Remaining Term
7 unchanged sentences
Operating lease 7
+Added: Operating lease 8
Weighted average remaining term
Operating Lease Maturity Schedule
−Removed: April 2026 to March 2027
−Removed: April 2027 to March 2028
−Removed: April 2028 to March 2029
−Removed: April 2029 to March 2030
+Added: July 2026 to June 2027
+Added: July 2027 to June 2028
+Added: July 2028 to June 2029
+Added: July 2029 to June 2030
+Added: July 2030 to June 2031
Less amounts representing interest
2 unchanged sentences
Three Months Ended
−Removed: Six Months Ended
−Removed: Six Months Ended
+Added: Nine Months Ended
+Added: Nine Months Ended
Operating Lease Expense
6 unchanged sentences
Operating lease 7
+Added: Operating lease 8
Total amortization
6 unchanged sentences
Operating lease 7
+Added: Operating lease 8
Total interest
2 unchanged sentences
Three Months Ended
−Removed: Six Months Ended
−Removed: Six Months Ended
+Added: Nine Months Ended
+Added: Nine Months Ended
Cash Paid for Operating Leases
6 unchanged sentences
Operating lease 7
+Added: Operating lease 8
The Company rents equipment for use on construction projects with rental agreements week to week or month to month.
Rental expense can vary by fiscal year due to equipment requirements on construction projects and the availability of Company owned equipment.
−Removed: Rental expenses, which is included in cost of goods sold on the consolidated statements of income, were $ 4.8 million and $ 3.9 million for the three months ended March 31, 2026, and 2025, respectively, and $ 11.8 million and $ 9.0 million for the six months ended March 31, 2026 and 2025, respectively.
+Added: Rental expenses, which is included in cost of revenue on the consolidated statements of income, were $ 8.3 million and $ 4.8 million for the three months ended June 30, 2026, and 2025, respectively, and $ 20.1 million and $ 13.8 million for the nine months ended June 30, 2026 and 2025, respectively.
SHARE-BASED COMPENSATION
9 unchanged sentences
Withheld shares, which are valued at the market price on the date of grant, are recorded as a reduction to additional paid-in capital, and related payments to taxing authorities are reflected within financing activities in the consolidated statements of cash flows.
−Removed: For the three and six months ended March 31, 2026, the Company granted 8,343 and 19,594 shares, respectively, related to restricted stock awards.
−Removed: The Company granted 3,970 shares related to restricted stock awards for the three and six months ended March 31, 2025.
−Removed: The table below represents all unvested restricted stock awards at March 31, 2026:
+Added: For the three and nine months ended June 30, 2026, the Company granted 0 and 19,594 shares, respectively, related to restricted stock awards.
+Added: The Company granted 0 and 3,970 shares, respectively, related to restricted stock awards for the three and nine months ended June 30, 2025.
+Added: The table below represents all unvested restricted stock awards at June 30, 2026:
Vesting (1/3 Annual)
−Removed: at March 31, 2026
+Added: at June 30, 2026
Shares Granted
2 unchanged sentences
Weighted average grant-date fair value
−Removed: The table below represents all restricted stock awards to Named Executive Officers as of March 31, 2026:
+Added: The table below represents all restricted stock awards to Named Executive Officers as of June 30, 2026:
Vesting (1/3 Annual)
−Removed: at March 31, 2026
+Added: at June 30, 2026
Shares Granted
7 unchanged sentences
Weighted average grant-date fair value
−Removed: The table below represents the total unvested restricted stock awards and grant amounts that will vest in future periods at March 31, 2026:
+Added: The table below represents the total unvested restricted stock awards and grant amounts that will vest in future periods at June 30, 2026:
Grant Vesting
−Removed: April 2026-March 2027
−Removed: April 2027-March 2028
−Removed: April 2028-March 2029
−Removed: The table below represents the total unrecognized compensation expense for unvested restricted stock awards to be expensed in future periods at March 31, 2026:
−Removed: April 2026-March 2027
−Removed: April 2027-March 2028
−Removed: April 2028-March 2029
+Added: July 2026-June 2027
+Added: July 2027-June 2028
+Added: July 2028-June 2029
+Added: The table below represents the total unrecognized compensation expense for unvested restricted stock awards to be expensed in future periods at June 30, 2026:
+Added: July 2026-June 2027
+Added: July 2027-June 2028
+Added: July 2028-June 2029
+Added: EQUITY OFFERING
On February 18, 2026, the Company entered into an underwriting agreement (the “Underwriting Agreement”) with Lake Street Capital Markets, LLC (the “Underwriter”).
7 unchanged sentences
SUBSEQUENT EVENTS
−Removed: On April 15, 2026, the Company paid a quarterly dividend of $ 0.03 per common share to shareholders of record as of March 31, 2026.
+Added: On July 15, 2026, the Company paid a quarterly dividend of $ 0.04 per common share to shareholders of record as of June 30, 2026.
Management has evaluated all subsequent events for accounting and disclosure.
1 unchanged sentence
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.